Member Info for hedged

Between April and late May*

Nothing to back it up other than "weeks, not months" (which was a lie) and world-class assets which any amateur investor could logically question.

Regarding the BOD telling us differently.....well I ask what would you expect them to say? They said we'd have world class assets, we'd have the BFS in June 18 then between late May.

Tony has been meeting potential investors for over a year (I arranged one meeting in PDAC). And we have no signal of any positive conclusion. Why is that? The BFS.

I remember them saying we had world-class assets and the BFS would take "weeks, not months".

I still find it strange when investors soak up every word of what the management state without questioning a single word.

I feel that people will only top up when there are short term positives. Currently, there is nothing in the short term to drive this higher.

Assuming copper prices stay below $3 for the rest of the year. We know the BFS isn't going to attract funding (otherwise Asipac would have placed at a premium rather than a 20%+ discount).

So the only catalyst to drive this forward is to improve the BFS, which is what they've spent the last year doing.

The fact that they seem unable (along with other junior miners) to get funding shows that no-one is actually looking at ARS as a take-over.

I think the BFS shows that we don't have world class management after all and we can only hope that the Copper price increases substantially to save further embarrassment to this project.

Will this hit 3.5p?

Show me one person who 'loves' the placing?

If this was a year ago then I would agree that the BFS and funding isn't too far away, but after multiple delays and another one on its way I would re-assess how true this actally is.

Someone doesn't sell 2mm shares because funding is just around the corner.

More recent bod appointments haven't opened any more doors. It's just another piece of immaterial news.

Will the BFS be out this year?

Are drill results still expected this week?

Unfortunately the talks broke down a couple of months after. The prospects were good with one of the two funders working with a Chinese bank.

It was worth a shot.

I've actually been invested since the PEA having bought in initially at 1.85p.

And I managed to get a potential funder in front of Tony at PDAC not too long ago so do more than just invest.

I've never been short on any share. So no. I only go long.

The Asset management dept are shareholders in ARS , it's the research dept in the IB who revised their forecasts. Two totally different divisions.

I only ask because JP Morgan have decreased their predictions for the Copper price for next year to lower than where it is now.

I wouldn't be too nervous about jumping to conclusions. It was a genuine question based on JP's assessment.

Is anyone expecting China to decrease demand for commodities as the tariffs take hold, this rendering any disruptions in Chile, for example, negligible?

So you expect the BFS to be out within 2 weeks? Every other company that has delivered a BFS or DFS recently has seen a fall in share price because the costs of getting into production is too daughting. Thats the reason why Tony is trying to get funding too, but seems to have been unsuccessful at the moment.

When, and I mean when, funding does come then this will re-rate multiples.

Given the volatility of ARS, it wouldn't surprise me if this hovered below 5p for a couple of months then increased 50% on no news.

That was a pretty big trade. Hopefully, that is the only sell and that news of new board members can drop to send this higher.

Back in October Peter said "weeks, not months". It turned out it was, in fact, months.

I'm intrigued to find out why this has been delayed 4 times. If it's solely due to the price of Copper then, unfortunately, I don't expect anything to change until the trade war is over.

If it's due to the economics of the mine then I can understand why they are unable to secure funding. Either way, the BOD are the architects of their own credibility in which each one of us will judge.

I would go even further than that. If the BFS was decent with "world-class" economics then investors would pay a premium for ARS. In this case the board allowed >25% discount. This speaks volumes of what TM thinks of the BFS.